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A key suspect in a high-profile case of corruption at shipping giant Vinashin, now in custody, allegedly misappropriated US$18.6 million and spent most of it on houses and cars in Vietnam and Singapore, according to the police.

Officers from the Ministry of Public Security, at a press conference Tuesday, leveled the charge against Giang Kim Dat, 38, a former sales manager at Vinashin Ocean Shipping Co. Ltd, a shipping line run by Vinashin.

Dat's alleged theft was among a string of violations that possibly caused losses of over VND980 billion (US$40.98 million) to Vinashin, but by the time inspections were begun in August 2010, the man had already fled the country.

Inspectors said they managed to track him down through his bank transactions with his father Giang Van Hien, 65, and arrested him on July 7 this year.

However, it is not known where Dat had been hiding. His father had earlier been arrested in January for harboring a criminal and benefiting from illegal assets.

The inspectors said that during the time that Dat was working, starting in May 2006, consulting his company's CEO to buy and lease ships, he had colluded with foreign partners to rig prices to illegally earn profits.

The money was transferred to multiple bank accounts in his father’s name, who later bought the houses and cars.

At least 40 luxury apartments and villas and five cars were found in the names of Dat's relatives.

The man also allegedly owns two apartments in Singapore, including one costing $3.6 million.

Further investigation

According to the inspectors, the money Dat pocketed was from 16 transactions related to either buying or leasing old vessels.